FTX founder Sam Bankman-Fried appeals fraud conviction, 25-12 months prison sentence

FTX founder Sam Bankman-Fried appeals fraud conviction, 25-12 months prison sentence


Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, comes at court docket as lawyers force to persuade the choose overseeing his fraud case not to jail him forward of trial, at a courthouse in New York, August 11, 2023.

Eduardo Munoz | Reuters

A attorney for FTX founder Sam Bankman-Fried on Thursday submitted a discover of enchantment of his federal fraud and conspiracy conviction and his 25-year prison sentence.

Bankman-Fried’s enchantment arrived two weeks immediately after he was sentenced in U.S. District Court docket in Manhattan and purchased to spend $11 billion in forfeiture for the significant fraud at the cryptocurrency exchange FTX and a similar hedge fund, Alameda Exploration. Prosecutors mentioned it was 1 of the biggest economical frauds in record.

The attractiveness, which was envisioned, will be read by a three-choose panel of the 2nd Circuit U.S. Court docket of Appeals, which sits in Manhattan.

Legal defendants facial area very very long odds of having their convictions overturned in federal courtroom, winning reversals in fewer than 10% of appeals. If Bankman-Fried loses at the 2nd Circuit, he would have to petition the U.S. Supreme Court to acquire his appeal, which is an even for a longer period shot.

Alexandra Shapiro, the law firm who submitted Bankman-Fried’s recognize of appeal, did not right away reply to a ask for for remark Thursday.

Bankman-Fried, 32, was convicted at demo in November of seven fraud and conspiracy counts connected to misappropriating all over $10 billion in client dollars.

The Manhattan U.S. Attorney’s Place of work explained Bankman-Fried oversaw a conspiracy that looted buyer cash to make investments and fund political donations to Democrats and Republicans. He also used the swindled resources for particular bills and to repay financial loans taken out by Alameda Investigation, prosecutors said.

Go through additional CNBC politics protection

When he sentenced Bankman-Fried, Choose Lewis Kaplan explained, “There is a danger that this male will be in situation to do one thing extremely poor in the potential.”

“And it’s not a trivial danger at all,” extra Kaplan, who observed that he has hardly ever listened to “a phrase of remorse for the commission of horrible crimes” from Bankman-Fried.

Bankman-Fried, who is the son of Stanford Law professors, has suggested that FTX shed billions of pounds in buyer money because of to a “liquidity disaster” or “mismanagement.”

4 other major executives at FTX and Alameda previously pleaded guilty.

Just one of them, Ryan Salame, is due to be sentenced on May possibly 28 by Kaplan.

Sentencing dates have nevertheless to be established for Caroline Ellison, who was CEO of Alameda FTX know-how chief Gary Wang and Nishad Singh, who was FTX’s engineering boss.

Really don’t pass up these exclusives from CNBC Professional



Source

Wall Street is cautious on European stocks as trade tariff risks loom
World

Wall Street is cautious on European stocks as trade tariff risks loom

European stock markets have been on a tear in 2025, with the Stoxx Europe 600 index climbing roughly 7% in the year to date and investors rotating into the region to seek refuge from the political and valuation anxieties of the U.S. markets. But some analysts warn that this rally is built on a fragile […]

Read More
Turmoil, tariffs, tourism: Thailand’s political woes threatens fragile recovery
World

Turmoil, tariffs, tourism: Thailand’s political woes threatens fragile recovery

Protesters hold a sign with a photo of Prime Minister Paetongtarn Shinawatra crossed out at Victory Monument on June 28, 2025 in Bangkok, Thailand. Thousands of protesters gathered at Bangkok’s Victory Monument to demand Prime Minister Paetongtarn Shinawatra resign over a leaked phone call linked to a border dispute with Cambodia. It was the largest […]

Read More
Investing in Space: One big beautiful windfall
World

Investing in Space: One big beautiful windfall

CNBC’s Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. Sign up to receive future editions. A monitor displays US Space Force signage on the floor of the New York Stock Exchange in New York, US, on Tuesday, Jan. 3, 2023. Bloomberg | Bloomberg | Getty […]

Read More